Gold Trades Sideways Amid Tariff Uncertainty and Geopolitical Tension

Gold prices have remained range-bound as markets continue to closely monitor a confluence of developments with the potential to spark the next significant directional move.

Earlier this week, the precious metal attracted a fresh wave of buyers after US President Donald Trump imposed a 15% tariff on a range of countries. The move follows a Supreme Court ruling against the Trump administration's tariff authority, with the court determining that the President did not hold the legal authority to issue such levies — adding a layer of uncertainty to the broader trade outlook.

Compounding the cautious market mood, ongoing diplomatic discussions between the United States and Iran are set to resume today, February 26, 2026, in Geneva. The two nations will attempt to avert further conflict through negotiations centred on Iran's nuclear enrichment programme — a development that continues to inject geopolitical risk premium into gold prices.

Technical Outlook

Gold remains in a broadly bullish posture following its reconfirmation of the key $5,000 psychological handle. However, after reaching a high of $5,250 earlier this week, the precious metal has struggled to sustain upside momentum and now appears to be consolidating within a defined range, with a tentative downside probe already testing the $5,121.92 support level.

Price is currently experiencing a measured pullback, with near-term support at $5,151.14 acting as the first line of defence for bulls. This level has held up under recent pressure and, if it continues to do so, could provide the platform for a fresh leg higher. A failure to defend this zone, however, would open the door to a deeper retest of $5,121.92 — the level that has largely defined the lower boundary of the current range.

Any meaningful rebound from either support level would put the near-term resistance at $5,212.86 back in focus, with $5,250 representing the next significant barrier above. A clean and sustained breakout above $5,250 would expose the $5,500 handle as the next major upside objective.

On the downside, a decisive break below the current range would shift near-term pressure toward the pivotal support at $5,092.60, with the psychologically significant $5,000 level once again in play should that zone fail to hold. To the upside, $5,212.86 and $5,250 remain the resistance levels most likely to cap any recovery attempt in the interim.

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